Amal Ltd 2013-14

Amal Ltd | Annual Report 2013-14 (b) Defined benefit plans: (i) Gratuity (ii) Leave encashment The Gratuity fund is maintained with the LIC of India under Group Gratuity Scheme. Leave encashment is payable to eligible employees who have earned leaves, during the employment and | or on separation as per the Company’s policy. Valuation in respect of Gratuity and Leave encashment have been carried out by independent actuary, as at the Balance Sheet date, based on the following assumptions: Sr No Particulars Gratuity Leave encashment 2013-14 2012-13 2013-14 2012-13 1 Discount rate (per annum) 9.29% 8.00% 9.29% 8.00% 2 Rate of increase in compensation levels 8.00% 7.00% 8.00% 7.00% 3 Rate of return on plan assets 8.70% 8.70% N.A. N.A. ( ` ‘000 ) Sr No Particulars Gratuity Leave encashment 2013-14 2012-13 2013-14 2012-13 (i) Changes in present value of obligation Opening balance of present value of obligation 445.86 217.45 139.58 90.88 Liability on transfer in | (out) of employees (net) - - - - Interest cost 35.67 19.03 11.17 7.95 Current service cost 51.42 50.59 41.61 36.50 Benefits paid – (164.80) (8.85) (34.05) Actuarial (gain) | loss (155.76) 323.59 (9.25) 38.30 Closing balance of present value of obligation 377.19 445.86 174.26 139.58 (ii) Changes in fair value of plan assets Opening balance of present value of plan assets 1,059.24 1,130.85 - - Planned assets on transfer in | (out) of employees (net) - - - - Expected return on plan assets 92.15 97.26 - - Contributions - 2.14 - - Benefits paid - (164.80) - - Actuarial gain | (loss) on plan assets 0.53 (6.21) - - Closing balance of fair value of plan assets 1,151.92 1,059.24 - - (iii) Percentage of each category of plan assets to total fair value of plan assets as at March 31 Administered by LIC of India 100% 100% - -